Cardinals plan to exercise Patrick Peterson's contract option

The Cardinals' Patrick Peterson returns a punt against the Texans' Justin Tuggle (57) during the third quarter of NFL play at University of Phoenix Stadium in Glendale on November 10, 2013.(Photo: Michael Chow/azcentral sports)

The Cardinals plan to discuss a contract extension for cornerback Patrick Peterson this off-season, but they are under no time constraints in reaching an agreement.

The team plans to exercise an option before then to keep Peterson under contract through 2015, a provision in the collective bargaining agreement that will benefit clubs as they seek to retain players from the 2011 draft. The deadline for using that option is May 3.

That draft class, the first under the current CBA, came into the NFL under a new set of contract rules. First-round picks, such as Peterson, were required to sign four-year deals that included a club option for a fifth-year.

Top ten picks, again such as Peterson (5th), receive a salary worth the average of the 10 highest paid players at their position this season. In Peterson's case, that is $10 million.

The Cardinals decision to pick up the option was expected, because it allows them to keep an elite player under contract and gives the team leverage in negotiations for an extension.

With two years remaining on his rookie deal, and the threat of a franchise tag, the Cardinals could retain Peterson's rights through 2016.

The team does pay a toll if it follows that road. The $10 million salary in 2015 becomes fully guaranteed at the start of the season. This year, the franchise number for cornerbacks is nearly $12 million and it will increase a year from now.

That salary is guaranteed also, and both represent significant charges to the salary cap.

Cardinals first draft picks since 1954:

Take a look at the Cardinals' first draft picks in each season going back to 1954 (Round selected other than first in parentheses) 2014: Deone Bucannon, S, Washington State (Photo: Mark J. Rebilas-USA TODAY Sports)